Tax season is underway in Canada. For tax procrastinators, here's a look at what you'll be charged if you don't file on time this year.
Canada Revenue Agency
Tax season started last week, and taxpayers have until May 1, 2023 to file this year, as the deadline of April 30 falls on a Sunday. This same date is the deadline to pay if any money is owed. Compound daily interest starts right away , and the rate is subject to change each calendar quarter – or every three months.
How much that interest will cost varies. For example, the interest rates for the first quarter of this year for overdue taxes, Canada Pension Plan contributions and employment insurance premiums is eight per cent – an increase of one per cent over that of
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